About to snap
3 min read

About to snap

Cryptic ball: let's chat a bit.

Bitcoin continues to hover around $30k, despite falling to the bottom of the tight range it has been trading for the past ten days, i.e. between $28.5k and $30.5k. Meantime, some stocks are crashing hard. Should we be worried?

  • Initially, the equities carnage was confined to companies with poor earnings reports, such as Snap or Abercrombie & Fitch. The first fell 43% today and the former nearly 30%, eventually dragging down the wider stock market.
  • Still, we haven't revisited Friday's yearly lows (yet) and the relief rally is still possible - even if that prospect looks quite bleak, especially after Michael Burry (the Big Short guy) tweeted today about some kind of impending doom.
  • Overall, tech stocks are still overvalued and continue to display historically high P/E ratios. That's why they are displaying the volatility associated with shitcoins in the 2013 bull run! Let's just hope ARK doesn't go bust for now.
  • Back to crypto, it's clear the whole market is waiting for bitcoin and the original cryptoasset is waiting for the S&P 500. Keep a close eye on the range highlighted in today's chart and be patient: an opportunity will present itself!

Chart art: let's range a bit.

Such a tight range. Where will it break first?

Three things: let's survive a bit.

Tweet tip: let's laugh a bit.

RIP Jack Niewold.

Meme moment: let's moon a bit.

Too soon?

FV Bank: let's talk a bit.

!Meet us at booth #704. Let's chat about FV Bank, embedded finance, crypto & fintech!

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Our newsletter offers opinions and insights from analysts in the cryptoasset space. It is not intended to be investment advice, and should not be treated as such. You must not rely on its information as an alternative to financial advice from a qualified professional. Without prejudice, we do not undertake or guarantee that its information is correct, complete or non-misleading; or that the use of the guidance in the report will lead to any particular outcome or result.